M/S CITIZEN WATCHES (INDIA) PVT LTD,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX WARD-2(1)(1), BANGALORE

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ITA 2944/BANG/2018Status: DisposedITAT Bangalore04 February 2020AY 2014-153 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The assessee requested to withdraw its appeal as the APA resolved the issues. The Revenue did not object to the withdrawal request.

What were the facts?

The assessee filed an appeal before the ITAT challenging an assessment order. Subsequently, the assessee entered into an Advance Pricing Agreement (APA) with the Central Board of Direct Taxes.

What were the issues?

Whether an appeal can be withdrawn by the assessee after entering into an Advance Pricing Agreement.

Which sections of the Income-tax Act were involved?

Section 92CC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C’’ BENCH : BANGALORE

Before: SHRI N.V VASUDEVAN, VICE PRESIDNET & SHRI B.R BASKARAN

For Appellant: Smt. Vidya Kurup, C.A
For Respondent: Shri Pradeep Kumar, CIT
Hearing: 29.01.2020Pronounced: 04.02.2020

O R D E R Per B.R Baskaran, Accountant Member

The assessee has filed this appeal challenging the asst. order passed for asst. year 2014-15 u/s 143(3) r.w.s 145C(13) of the Act.

2.

At the time of hearing the ld counsel for the assessee submitted that the petition of the assessee seeking to withdraw the appeal. The said petition reads as under:-

IT(TP)A No.2944/Bang/2018

“Appellant : M/s Citizen Watches (India) Pvt. Ltd., (“CWIPL” or “the Appellant” or “We”) Reference: Withdrawal of Grounds of Appeal in the Appeal no. ITA 2944/BangI18 for the AY 2014- 15pursuant to entering into Advance Pricing Agreement ("APA")

We refer to the captioned appeal pending before the Honourable Income tax Appellate Tribunal (Hon'ble Tribunal') for the AY 2014-15, wherein we wish to inform the Hon'ble Tribunal that the Appellant has entered into a Unilateral APA with the Central Board of Direct Taxes under Section 92CC of the Income Tax Act, 1961. A copy of the APA agreement is enclosed as Annexure 1 of this letter.

In view of the same, the Appellant would like to withdraw the grounds of appeal filed on 290ctober 2018 for AY 2014-15.

'The Appellant requests your good self to take this submission on record and oblige.

3.

The ld DR did not object to the petition filed by the assessee. Accordingly we allow the assessee to withdraw the appeal.

IT(TP)A No.2944/Bang/2018

4.

In the result, the appeal filed by the assessee is dismissed as withdrawn.

Order pronounced in the open court on 4th February, 2020.

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